Examlex
Match the options below with the correct phrases:
-interaction chart
Marginal Cost
The additional charge associated with manufacturing an extra unit of a product or service.
Fixed Costs
Costs that do not vary with the level of output or production, such as rent, salaries, and insurance premiums.
Marginal Revenue
The additional income from selling one more unit of a good or service.
Demand Function
A mathematical expression that describes the relationship between the price of a good or service and the quantity demanded by consumers.
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